Doosan Corporation

Doosan has won orders to supply more than 60 Heat Recovery Steam Generators (HRSGs) for Iran. (Doosan Website. “Doosan Wins Successive Orders for Power Generation Equipment from Iran, Vietnam,” 7/21/2009; Doosan Website. “Doosan Heavy Industries and Construction wins 74 million-euro power plant project in Iran,” 6/14/2009).

"The company was reported as potentially having exposure to Iran through a parent company, Doosan Corp. In a letter dated November 6, 2017 the company stated it is not engaged in any type of business activity targeted by the Act. CalPERS continues to monitor the company for possible changes in status relevant to the Act. CalPERS has determined to maintain the designation for 2020." (https://www.calpers.ca.gov/docs/forms-publications/iran-sudan-divestment-2020.pdf)

In 2014, Doosan Corp. was identified by CalSTRS service providers as being a supplier of automotive products to companies in Iran. Doosan Corp is listed on the December 31, 2018 CalSTRs Portfolio of companies identified as possibly having ties to Iran and from which CalSTRs has divested from and restricted in 2018. In 2014, CalSTRS designated Doosan Corp. as “Under Review” for potentially having ties to Iran. In 2015, CalSTRS designated Doosan Corp. and related entities as “Divested and Restricted”after the company failed to respond to requests for information and has maintained the “Divested and Restricted” designation in 2018.

Doosan is listed on the CalPERS November 2018 Iran Divested/Restricted companies list.

“We have tried to enter the Iranian market by, for example, signing an MOU with Iran’s National Water and Wastewater Engineering Company in April this year,” said Yoon Seok-won, head of the Water BG of Doosan, adding, “This SAKO Project signed at this time based on the recent summit talks between South Korean President Park Geun-hye and Iranian President Hassan Rouhani will be the starting point to increase our presence in the Iranian water market, which is estimated to grow to reach US$2 billion in 2018.” (April 1, 2016).

Recently, Doosan has also worked directly with the Iran Oil Company, specifically on LPG Recovery for the Win-teco/Lavan Oil Refinery in Iran in 2007, and the SAZEH Ball Tank project for Win-teco/National Iran Oil Company in 2008 (Doosan Mecatec Website. “Major Accomplishments”). -- In total, all Doosan companies have received more than $100 million from the U.S. Government in federal contracts since 2000 (USASpending.gov).

Doosan Corporation is the parent company of the construction equipment brand Bobcat, which also does business in Iran. -- Doosan has a significant presence in Iran’s energy sector, having constructed at least nine power plants in Iran. (Doosan Heavy Industries Website. “Major Projects”).

"Iran and the Republic of Korea on Monday signed three agreements in the form of one memorandum of understanding (MOU) and two memorandums of agreement (MOA) during Iran-Korea Business Forum in Tehran… Another MOA was inked between the Korean Doosan Heavy Industry and Construction and the Iranian Negin Mokran Development Company (NMDC)." (Tehran Times, “Leader asks literati to care about current issues,” 6/21/2016)

In 2017, the U.S. state of California listed Doosan Corp. on its Iran scrutinized companies list rendering Doosan Corp. ineligible for investment and/or state contracting. -- "Doosan Heavy Industries has won a 220 billion won ($183 million) contract to build a desalinization plant in Iran, the first foreign company to do so since the United States and other Western nations lifted economic sanctions on the Middle Eastern nation early this year." (Korea Times, "Doosan Heavy wins desalinatization plant deal in Iran." 6/27/2016)

"Doosan Heavy Industries recently held a showcase in Iran to target the water conversion market with its affiliates overseas, including Doosan Skoda Power. 'Iran is a huge market that will help us break through the slumping economy and low international oil prices,' said Kim Heon-tak, a vice president of Doosan Heavy Industries. 'We will try to find an opportunity in the water conversion business with our industry-leading technology.'" (Korea Joongang Daily, “Korea courts big business in Iran,” 3/1/2016)

"In 2014, Doosan Corp. was identified by CalSTRS service providers as being a supplier of automotive products to companies in Iran. In 2014, CalSTRS designated Doosan Corp. as “Under Review” for potentially having ties to Iran. In 2015, CalSTRS designated Doosan Corp. and related entities as “Divested and Restricted” after the company failed to respond to requests for information and maintained the “Divested and Restricted” status in 2019. In 2020, after a review of the company’s relationship to Iran, CalSTRS removed Doosan Corp. from the “Divested and Restricted” list after confirmation the company has curtailed its business with Iran. However, CalSTRS placed the company in a “Being Monitored” status while sanction compliance went through additional review." (https://www.calstrs.com/sites/main/files/file-attachments/calstrs-investment-reports-2020.pdf?1609284307)

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